**Summary**
AOTI, Inc., a medical technology company focused on outcomes-based care for wound healing and amputation prevention, released its full-year trading update for 2025. Despite challenges in the U.S. healthcare market, particularly reimbursement issues with Arizona Medicaid, the company reported solid performance
**Revenue Growth** 14% increase to approximately $66.5 million, in line with consensus expectations.
**Adjusted EBITDA Margin** Met consensus forecasts, with operational improvements driving efficiency.
**Net Debt** Increased to $6.5 million (from net cash of $0.9 million in 2024) due to higher receivables, primarily from Arizona Medicaid issues, but better than consensus estimates.
**Arizona Medicaid Update** Reimbursement denials led to a $15.6 million receivables balance. AOTI will cease treating new Arizona Medicaid patients from April 1, 2026, to mitigate further exposure.
**Operational Progress** Organizational and operational changes implemented in 2025 are showing positive results, with improved focus on patient outcomes and sales productivity.
**Future Outlook** AOTI expects a CMS local coverage determination soon, which could be transformative. The company is well-positioned to accelerate growth as U.S. healthcare headwinds ease.
Audited results for FY 2025 will be released on March 30, 2026. CEO Dr. Mike Griffiths emphasized the company’s strengthened core business and readiness to capitalize on improving market conditions.